Wealth management firm Bitwise has officially filed with the SEC to register a spot Aptos ETF. This marks a new phase in integrating layer-1 blockchain assets into traditional financial markets.
What is Aptos (APT)
Aptos is a layer-1 blockchain designed for scalability, security, and efficiency in decentralized applications. It uses the Move programming language developed by former Meta engineers to enhance smart contract safety and performance. Despite its potential, Aptos remains a high-risk asset, ranked 36th by market capitalization with a total market value of $3.7 billion. The token has experienced significant volatility but continues to attract developers and liquidity providers in the DeFi sector.
Inside Bitwise's APT ETF Filing
The S-1 registration is crucial for launching the ETF, enabling Bitwise to issue new securities and list them on a public exchange. Additionally, the fund requires a 19b-4 filing, indicating a rule change at the exchange where it plans to be listed. According to the filing, the Bitwise Aptos ETF will hold APT tokens and track the CF Aptos–Dollar Settlement Price as a pricing benchmark. Managed by Bitwise, it will use Coinbase Custody Trust Company, LLC as the main custodian. The ETF will be cash-settled, and APT holdings will be stored in cold wallets. Transactions will be limited to whitelisted addresses, ensuring security and regulatory compliance.
Significance of Aptos ETF for the US Market
Europe has already seen crypto-staking ETFs, including APT-based products on Swiss exchanges. The Bitwise Aptos ETF would be the first APT spot ETF in the US market. It aims to attract institutional and retail investors seeking regulated Aptos exposure without direct crypto custody. Bitwise has been at the forefront of crypto ETF innovation, having had success with its Bitcoin and Ethereum funds. The latest filing shows increased institutional interest in layer-1 blockchains like Aptos.
Launching a spot Aptos ETF in the US is a significant step towards regulated crypto asset accessibility. It stands to enhance liquidity and wider adoption of the Aptos blockchain more than ever before.
